Why Zoom Stock Was Down on Thursday
Shares of Zoom Video Communications (NASDAQ: ZM) are falling today, down by 6.5% as of 12:55 p.m. ET, compared to a 2% slump in the S&P 500. The video communication specialist's stock is closing in on a brutal year, with shares down 64% since the start of 2022.
Thursday's decline was powered by growing fears on Wall Street about Federal Reserve actions potentially sparking a recession over the next few quarters.
The biggest factor pushing Zoom's shares lower on Thursday was a nearly 3% drop in the Nasdaq Composite index, home to many of its fellow tech stocks. Investors are worried that the Federal Reserve's attempts to combat inflation by raising interest rates will lead to weaker economic growth in 2023.
Source Fool.com
